Buhari Seeks Approval of $75 Million World Bank Loan For Edo

President Muhammadu Buhari has written to the Senate seeking approval of a $75 million World Bank loan on behalf of the Edo State.

 “I am writing to seek the consideration of the national assembly of Nigeria on approval of a request by the Edo state government‎ to obtain a $75 million credit facility from the World Bank,” the president wrote in a letter read on the floor of the upper chamber by Bukola Saraki, Senate President, on Tuesday.

“You may wish to know that the World Bank had approved a Development Policy Programme (DPO) loan budget support for the total sum of $225 million to the Edo State government in 2012 to be implemented in three tranches of $75 million per annum.

“The first tranche was approved by the national assembly in the 2012-2014 federal government external borrowing plan.

“The programme has since been successfully implemented by the state in 2014. Following this success, the bank’s board of executive directors approved the‎ second tranche.

“‎DPO 2, on April 29, 2015. The DPO 2 was captured in the federal government external ruling borrowing plan of 2014-2017, which is pending with the national assembly.

“It is for the above reason that I seek your favour to facilitate the consideration and approval of the Development Policy Operation 2 (DPO2) loan of $75 million to enable the state to consolidate on the first tranche of the operation.”

The money when converted at 196 naira to a dollar is N14.7 billion